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Monday, October 26, 2020

Safaricom Losses Up to 15.3 Billion in Transaction Fees

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Maishah Marsdenhttps://shopinkenya.com/
Maishah Marsden is the founder of Shopaxo(ShopInKenya.Com) and TechMag( TechMag.Co.Ke)Blog. He is a top Kenyan blogger causally called by his peers as "Life'. If he is not writing your favorite articles, he is with his family. He loves sport and won't mind going on Safari anytime.

Safaricom has so far lost up to 15.3 billion shillings since March 2020 when it allowed users to send money below Ksh. 1000.00 without transaction fees.

This is after Mpesa customers begun splitting huge amounts up to Ksh. 60000.00 to below Ksh. 1000.00 to avoid transaction fees thus handing the telecommunication giant a huge loss.

Due to this Safaricom made a bid to the Central bank of Kenya requesting to limit the number of free below-1000.00-shilling transactions that a customer can make.

Safaricom requesting that a limit of up to five-free-transactions per day be set, as the offer was being abused by people who’d take time to make as many 1000-bob transactions as possible to avoid paying transaction fees. Safaricom proposed to have only two limits per customer.

According to an article by Business Daily and seen by ShopaXo, users have been avoiding transaction fees of up to Ksh 105.00 by splitting huge amounts.

Safaricom had also asked the Central Bank to lower the limit from Ksh. 1000 to Ksh. 500 to reduce their losses of up to 1.7 billion monthly.

However, Safaricom was denied both requests by CBK thus handing the company a blow that will see it continue billions of shillings every month.


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